S 
0.16
—
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$301.0m
FY2016FY2025
Net income
−HK$50.0m
FY2016FY2025
Free cash flow
−HK$90.4m
FY2016FY2025
Shareholders' equity
—
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$301.0m | HK$489.8m | HK$661.2m | HK$306.6m | HK$221.9m | HK$295.9m | HK$251.4m | HK$240.8m | HK$165.7m | HK$140.7m |
| Gross profit | HK$763,000 | HK$3.8m | HK$22.1m | HK$10.2m | HK$13.9m | HK$28.1m | HK$53.3m | HK$45.3m | HK$38.6m | HK$29.9m |
| Operating income | −HK$37.4m | −HK$16.3m | −HK$6.1m | −HK$20.9m | HK$646,000 | HK$3.7m | HK$21.5m | HK$26.8m | HK$18.6m | HK$13.2m |
| Net income | −HK$50.0m | −HK$19.9m | −HK$8.8m | −HK$21.0m | HK$1.0m | HK$1.0m | HK$16.1m | HK$21.9m | HK$13.2m | HK$10.1m |
| Diluted earnings per share | -0.03 | -0.01 | -0.01 | -0.02 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | — | HK$274.0m | HK$253.8m | HK$149.4m | HK$159.2m | HK$153.8m | HK$150.0m | HK$104.3m | HK$54.1m |
| Cash and short-term investments | — | — | HK$153.4m | HK$139.6m | HK$31.0m | HK$40.0m | HK$31.7m | HK$43.1m | HK$39.3m | HK$7.2m |
| Total liabilities | — | — | HK$104.7m | HK$108.4m | HK$31.7m | HK$42.5m | HK$38.1m | HK$45.1m | HK$21.3m | HK$30.7m |
| Debt | — | — | HK$16.6m | HK$16.3m | HK$25.1m | HK$33.1m | HK$24.2m | HK$24.3m | HK$6.5m | HK$2.5m |
| Shareholders' equity | — | — | HK$169.3m | HK$145.3m | HK$117.7m | HK$116.7m | HK$115.7m | HK$104.9m | HK$83.0m | HK$23.5m |
| Shares outstanding | 1,494m | 1,494m | 1,408m | 1,248m | 1,134m | 1,120m | 1,120m | 1,120m | 912m | 851m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$17.8m | −HK$56.7m | −HK$17.5m | HK$74.5m | HK$2.2m | HK$2.1m | −HK$10.4m | −HK$7.4m | −HK$25.8m | HK$2.2m |
| Capital spending | −HK$108.3m | −HK$68.8m | −HK$907,000 | — | −HK$85,000 | −HK$25,000 | −HK$248,000 | −HK$5.7m | −HK$152,000 | −HK$37,000 |
| Free cash flow | −HK$90.4m | −HK$125.4m | −HK$18.4m | HK$74.5m | HK$2.1m | HK$2.1m | −HK$10.6m | −HK$13.1m | −HK$25.9m | HK$2.2m |
| Dividends paid | — | — | — | — | — | — | — | — | −HK$8.0m | — |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$71.8m | HK$157.0m | HK$144.0m | HK$185.2m | HK$304.6m | HK$341.9m | HK$319.3m | HK$232.7m |
| Gross profit | HK$3,000 | HK$613,000 | HK$150,000 | −HK$134,000 | HK$4.0m | HK$19.8m | HK$2.3m | HK$8.4m |
| Operating income | −HK$17.8m | −HK$19.8m | −HK$17.7m | −HK$9.0m | −HK$7.3m | HK$2.5m | −HK$8.6m | −HK$11.5m |
| Net income | −HK$20.9m | −HK$30.4m | −HK$19.7m | −HK$12.8m | −HK$7.1m | HK$93,000 | −HK$8.9m | −HK$11.3m |
| Diluted earnings per share | -0.01 | -0.02 | -0.01 | -0.01 | -0.00 | 0.00 | -0.01 | -0.01 |
| Cash from operations | −HK$31.0m | HK$1.0m | HK$16.0m | HK$26.0m | −HK$83.0m | HK$65.0m | −HK$82.0m | HK$67.0m |
| Total assets | HK$388.2m | HK$380.6m | HK$380.8m | HK$291.7m | HK$214.9m | HK$274.0m | HK$164.9m | HK$253.8m |
| Cash and short-term investments | HK$17.6m | HK$39.0m | HK$27.0m | HK$23.9m | HK$60.0m | HK$153.4m | HK$51.6m | HK$139.6m |
| Debt | HK$211.7m | HK$185.3m | HK$159.6m | HK$7.6m | HK$23.3m | HK$15.6m | HK$15.1m | HK$15.1m |
| Shareholders' equity | HK$74.1m | HK$94.6m | HK$125.8m | HK$144.8m | HK$157.7m | HK$169.3m | HK$132.0m | HK$145.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.6% | 0.3% | 8.4% |
| Operating income | 21.4% | — | — |
| Net income | 33.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.6% | 2.1% | 3.5% | 8.2% |
| Operating margin | -6.8% | -4.6% | -3.4% | 0.5% |
| Net margin | -8.8% | -5.7% | -4.3% | -0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.8 | -15.0 | -39.9 | -12.2 | 377.7 | 92.2 | 13.0 | 9.8 | 10.6 |
| Price to sales | 1.3 | 0.6 | 0.5 | 0.8 | 1.7 | 0.3 | 0.8 | 0.9 | 0.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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